Company Registration No. 01953264 (England and Wales)
SQUIRES GEAR AND ENGINEERING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
SQUIRES GEAR AND ENGINEERING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
SQUIRES GEAR AND ENGINEERING LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
90,546
98,818
Current assets
Stocks
211,056
202,769
Debtors
169,315
94,103
Cash at bank and in hand
32
54
380,403
296,926
Creditors: amounts falling due within one year
3
(345,527)
(259,561)
Net current assets
34,876
37,365
Total assets less current liabilities
125,422
136,183
Creditors: amounts falling due after more than one year
(52,601)
(43,913)
Provisions for liabilities
-
(17,196)
72,821
75,074
Capital and reserves
Called up share capital
4
120,000
120,000
Profit and loss account
(47,179)
(44,926)
Shareholders' funds
72,821
75,074
SQUIRES GEAR AND ENGINEERING LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 February 2017
Mr D. J. Squires
Director
Company Registration No. 01953264
SQUIRES GEAR AND ENGINEERING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of value added tax.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% on cost and 15% on reducing balance
Fixtures, fittings & equipment
25% on cost and 15% on reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
SQUIRES GEAR AND ENGINEERING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
591,494
Additions
27,679
Disposals
(53,500)
At 31 May 2016
565,673
Depreciation
At 1 June 2015
492,676
On disposals
(32,190)
Charge for the year
14,641
At 31 May 2016
475,127
Net book value
At 31 May 2016
90,546
At 31 May 2015
98,818
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £93,644 (2015 - £62,284).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
30,000 A Ordinary of £1 each
30,000
30,000
60,000 B Ordinary non voting of £1 each
60,000
60,000
30,000 C Ordinary non voting of £1 each
30,000
30,000
120,000
120,000